M3, HotStats Partnership Integrates Key Hotel Benchmarking Data for Comprehensive Financial Reporting
M3, one of hospitality's preferred cloud-based financial and data management platform in the U.S., has partnered with HotStats, the global leader in monthly profit and loss data benchmarking
M3, one of hospitality's preferred cloud-based financial and data management platform in the U.S., has partnered with HotStats, the global leader in monthly profit and loss data benchmarking.
M3's expansive hotel accounting platform and diverse customer base will improve the accuracy and scope of HotStats’ data reporting capabilities for the greater hospitality industry. As a value-added bonus, the partnership allows M3 customers complimentary access to HotStats’ key benchmarking data, helping them measure their financial performances against the competing hotel landscape.
With 22 years of proprietary hotel financial data and more than 6,400 properties within its customer base, M3 is used by more hotels than any other hospitality-specific accounting software in North America. M3’s comprehensive business intelligence insights serve as the backbone of the new partnership, offering a wealth of financial information to help hoteliers streamline their operations and boost bottom lines. M3 customers can now access HotStats’ data index of 6,000 additional properties, offering data analysis based on more than 12,000 hotel properties globally.
“We remain committed to driving hotel financial performance and business insights for our customers by partnering with leading industry providers like HotStats,” said Scott Watson, M3’s Chief of Sales and Marketing. “We strive to do the right thing by our customers with the highest quality of products and services available, and we are proud that we don’t charge for platform upgrades or enhancements. In fact, M3 has never increased its prices in the history of the company.”
Comprehensive data and intuitive software make budgeting, market research and benchmarking more effective for M3 customers. Recognizing their customers’ needs to track departmental performance and compare revenue generation and cost-control efforts against competitors, M3 partnered with HotStats to offer comparable business insights that go beyond top-line numbers, into the full P&L and consider revenue and expenses incurred across all departments.
“As HotStats ramps up its business and further expands globally, we are excited about our partnership with M3. Allowing hoteliers to monitor their operational positions against the greater competitive landscape is more important than ever – especially during these extraordinary times,” said Pablo Alonso, CEO of HotStats. “This partnership is another significant step toward operational optimization and, ultimately, better profitability for hotels. In addition, HotStats’ exposure to M3’s customer base of more than 6,400 properties provides us with more comprehensive data sets to better serve the hotel industry as a whole.”
M3 customers can now utilize HotStats’ comprehensive monthly profit and loss analysis reports to track financial performance across more than 500 key performance indicators (KPIs). Using data sourced from millions of guest rooms across more than 120 global hotel brands, HotStats' benchmarking services identify areas of outperformance and underperformance, helping M3 customers implement strategies to boost their revenue, contain cost and improve the bottom line.
With dedicated application programming services (APIs), M3 can make customer financial data available to HotStats seamlessly and securely. Once customers grant permission to share data, they will receive data comparisons based on asset classes across regional and nationwide trends within two weeks. HotStats also delivers custom competitive property comparison sets for a nominal fee.
In addition to providing key industry insights to customers, M3 remains committed to driving hotel financial performance and helping hoteliers on the path to recovery following the COVID-19 pandemic. During an unprecedented year for the hospitality industry, M3 has leveraged its powerful hotel accounting software products to provide its customers with simpler workflows and more efficient labor management through expanded platform offerings, product updates and cost-saving initiatives that support the hospitality industry’s remote workforce.